Home Credit Card CFPB Targets Financial institution Overdraft Charges with Rules Probably Coming in December

CFPB Targets Financial institution Overdraft Charges with Rules Probably Coming in December

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CFPB Targets Financial institution Overdraft Charges with Rules Probably Coming in December

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CFPB Targets Financial institution Overdraft Charges

The Shopper Monetary Safety Bureau (CFPB) is making ready to make it a lot tougher for banks to cost shoppers overdraft charges. Company officers have privately instructed business executives that the regulator will doubtless unveil its long-awaited plan to crack down in December, based on individuals acquainted with the discussions.

Bloomberg studies that CFPB has been crafting the rules for months, and many of the particulars stay secret.

Wells Fargo reached a $3.7 billion settlement with federal regulators in December to settle allegations of “shock” overdraft charges and different prices. Areas Monetary additionally agreed to pay $191 million to settle the same case in September 2022.

The CFPB has not commented on the timing of its plans, has mentioned banks acquired practically $8.5 billion in 2021 from inadequate fund and sure low-balance charges.

 

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